M1 Remittance: Your full guide

M1 Remit is a mobile phone based remittance app that lets you send money to a select number of countries across Asia. And while the app is handy to book a remittance, you have to make your payment outside the app which makes the whole process clumsy.

You’ll also find that you can save money on the exchange rate and fees by using a transparent money transfer service like Wise. Read on to learn more about how M1 Remit works and if it could be an option for your next transfer.

Open your free Wise account now

Send money abroad with M1 Remit

With M1 Remit you can send money to 13 different regional countries in Asia and Australia. You can send money to bank accounts and cash pick-up centres in Australia and all of the following locations:

To send money with M1 Remit, you first need to download the M1 Remit app to your phone from the App Store/ Google Play store. You can use the app to check exchange rates, send money to your beneficiaries and keep track of your transactions.

One important point to note is that you can’t make payments through the M1 Remit app itself. To pay for your remittance, you will need to go to an AXS machine in Singapore or download the AXS m-station app. You can make the payment through AXS and then your M1 Remit transaction will be processed.

You can check your past transactions and the status of any current transactions through the Help Centre in the M1 Remit app. But first, to get started you need to open an M1 Remit account.¹

How to open a M1 Remit account

• You can open an M1 Remit account if you are above the age of 18, have a working registered Singapore mobile phone number and email address, and a valid NRIC, Fin or Work Pass.
• To begin, you can go to the M1 Remit website or download the M1 Remit app from the Google Play Store or iOS app store on your mobile. Click on Register or Sign up on the screen and fill out the Registration form to open an account.
• You will need to verify your identity next and the easiest way to do so is by using MyInfo and SingPass. If you aren’t signed up for MyInfo, you can also use the manual process which will require you to go in-person to the M1 Remit branch.
• Once you are verified, you are all set to begin sending money with M1 Remit. But keep in mind that while the M1 Remit can place your remittance transaction, you will still need to access AXS to make a payment.²

M1 Remit charges and fees

There are two main charges to expect with M1 Remit. The first is a transfer fee, which is sometimes called a service fee, to make the transfer. You can calculate how much the transfer fee is right on the M1 Remit website or app for the particular country you need to send money to. Here is a quick look at some of the fees they have for sending money³:

The second fee you can expect is actually tucked away in the exchange rate you get from M1 Remit. The company doesn’t give you the real mid-market exchange rate for your transactions. The real exchange rate is the one you see on Google and is the one that the banks use themselves.

By giving you a rate that is less than the real exchange rate, M1 Remit is able to sneak in a hidden fee in the difference. That means more Singapore dollars out of your pocket for currency conversions, and a sly way to make money by the company. Jump below to see how a hidden fee in the exchange rate can take a bite out of your remittance.

M1 Remit transfer limit

The most you can send in one transaction is S$ 9,990 and that amount has to include the service fee. With the AXS payment, you can send up to S$ 25,000 per day, with a cap at S$ 100,000 per calendar month.⁴

Time it takes with M1 Remit

M1 Remit is not clear on how long it will take your transaction to reach your recipient. They say that it depends on where you are sending the money, how it is being received and what time of day you placed your order. Check with the M1 app to know how long your particular transfer will take.

M1 Remit customer support

You can reach out to M1 Remit through their email address at supportdesk@eremit.sg or by phone at 1693 between 9am to 6pm every day. If you reach out to them past 6pm, you will have to wait until the next day to hear back. You can also reach out to M1 on message through Whatsapp at 8811 0202.⁵

Wise is all about being as transparent as possible with sending your money. So even before you begin, you can see the transfer fee you will get, the delivery time and the real exchange rate for your transfer. No surprises on when or how much your transfer will cost you with Wise.

The true cost of international transfers with M1 Remit

Let’s say you want to send S$ 1000 to Australia. Check out how much M1 Remit will cost you versus a transparent and low-cost provider like Wise. With M1 Remit’s transfer fee and hidden exchange rate, you may end up paying more than you need to for sending money home.

19 August, 2020

By using M1 Remit you lose out on 21 AUD versus Wise that could’ve gone to your beneficiary back home. With Wise, you get a lower transfer fee plus the real exchange rate with no hidden fees. So you can send more to where it needs to go. No mark ups and no surprises.

Open your free Wise account now

A cheap, fast and transparent alternative: Wise

Save money next time you want to send a remittance by choosing Wise. Wise has an easy-to-use app and website where you can check the real exchange rate, make a transfer, do the payment and know the delivery date all in the same place. It makes sending money easy when you’re at home or on the go.

Wise uses smart technology to make global money transfers safe, secure and transparent. And in that way, you get to save money when you want to send money home or abroad.

So if you want an easy, fast and cheap way to send money to over 150 different countries, look no further than Wise. With just one single award-winning app, you can send money at the real exchange rate and one low fee every time.

All sources checked as of 18 August, 2020